Trayport have today issued this press release announcing the prototype of their REMIT solution.

There are several facets to the solution: Firstly, it can capture, enrich, report and reconcile orders and transactions on behalf of clients, i.e. from many Organised Market Places(OMPs). Secondly it can take either that data or other data sent to it, and send it to an RRM of your choice. Thirdly there is the option of using Trayport as your RRM. And finally there is the potential link with EFETNet, which has been previously mentioned on this blog.

The press release refers to the fact that whilst in theory it should be possible to solely rely on OMPs to carry out reporting for the first REMIT deadline of 7th October, it is unlikely to work in practice. One reason for this (of several) is that relying on  multiple venues makes it very difficult to properly verify that reporting is being carried out correctly, which you are obliged to do under the Implementing Act. The solution is proposing to solve this issue by aggregating and linking the various pieces of data in one place, allowing easier reconciliation.

The solutions announced could form different pieces of the “REMIT reporting jigsaw” depending on how they are used and with which other solutions. Market Participants need to become familiar with the reporting landscape to properly understand and plan their compliance.